The rate of personal insolvency in Worthing has slightly increased over the last two years, figures show.
Across England and Wales personal debt has ballooned since 2015. Low interest rates and the rise of payday lenders have aided this, with insolvency rates increasing in every region.
However in Worthing it has only gone up slightly, according to Insolvency Service figures.
In 2015, 16.3 adults per 10,000 were declared insolvent.
By 2017 that figure had risen to 16.9, a slight increase of 3.6 per cent.
The England and Wales average is 21.4, with Stoke, in Staffordshire, having the highest insolvency rate of 45 adults per 10,000.
Insolvency is when someone cannot pay their debts, and has to arrange a plan with a…
Read the full article at: https://www.worthingherald.co.uk/news/business/personal-insolvency-rate-in-worthing-has-risen-slightly-figures-show-1-8571904